Kalyan boosts online business with investment in Candere

As part of the transaction, Kalyan will complete a phase wise acquisition of the equity held by the founder-promoter Rupesh Jain, apart from making a significant investment into the company, to drive its next phase of business. This is the jeweller’s first strategic move of its kind as the company continues to pursue aggressive growth plans, both organically and inorganically. 

Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers said, "Candere has a loyal online customer base in the country and one of the best repeat rates in the business. Its recent foray into UK and USA markets also helps us augment its ambition of becoming a global Indian brand. Both companies have strong design and manufacturing capabilities and the synergies therein will help strengthen our offering to existing as well as new customers. The integrated offline and online offering will provide customers more flexibility and convenience while enhancing their shopping experience. The online jewellery market offers tremendous growth potential and expect it to contribute 5-7 pc of our topline over the next 5 years. The acquisition will also accelerate contribution of our global revenues." 

Established in 2013, Candere sells jewellery online in India, USA and UK. It has a portfolio of over 4,000 designs including a strong offering in the high growth diamond jewellery segment. 

This transaction will help Kalyan establish a strong presence in the ecommerce segment to complement its vast physical retail presence.